U.S. Export-Import Bank Subsidizes State-Owned Chinese Firms

Conservative radio host and blogger Hugh Hewitt is pushing hard on the argument that the Export-Import Bank of the United States is an effective foreign policy tool. “Soft power at its best,” he calls it.

Today on Twitter,Hewitt positedthat Ex-Im is a good tool to counter China’s influence in the world. But here’s the thing: China is the single biggest recipient of Ex-Im financing. Russia is in the top 5. See the chart below:

The Export-Import Bank’s version of its favorite small-business success story, Miss Jenny’s Pickles, turns out to be a rather tall tale since the company was already broadly successful by the time Ex-Im “discovered” it.